Every time you swap tokens in MetaMask, Coinbase Wallet, or Robinhood, there's a good chance 0x Protocol is working behind the scenes. With over $154 billion in trading volume processed and 9 million users served, 0x has quietly become the backbone of decentralized finance trading - yet most crypto investors have never heard of it.
⚡ Quick Answer
0x Protocol is an open-source infrastructure layer that powers token swaps across 500+ applications including MetaMask, Coinbase Wallet, and Robinhood. It aggregates liquidity from 130+ sources across 15+ blockchains, processing 60M+ transactions. The ZRX token (currently ~$0.14) is used for governance and staking, though it has fallen 94% from its 2018 ATH of $2.50.
What is 0x Protocol?
0x (pronounced "zero-ex") is an open-source protocol that enables the decentralized exchange of Ethereum-based tokens and other blockchain assets. Think of it as the "plumbing" that allows different decentralized exchanges, wallets, and apps to share liquidity and execute trades efficiently.
Founded in 2016 by Will Warren (CEO) and Amir Bandeali (CTO), 0x launched its token through a $24 million ICO in 2017 with backing from Polychain Capital, Pantera Capital, and Blockchain Capital. The team also contributed to Ethereum's development - notably creating the ERC-721 NFT token standard.
Unlike centralized exchanges that hold your funds, 0x uses smart contracts to execute trades directly between users. This means you maintain custody of your assets until the moment of trade settlement.
How 0x Works: Off-Chain Relay, On-Chain Settlement
0x uses a hybrid approach that solves one of crypto's biggest challenges: speed vs. decentralization.
Traditional DEXs put every order on the blockchain, which is slow and expensive due to gas fees. 0x takes a different approach with "off-chain relay, on-chain settlement." Orders are created and matched off-chain through relayers, while only the final settlement happens on the blockchain.
Who Actually Uses 0x? (The $154B Question)
Here's what makes 0x genuinely impressive - it's not vaporware. The protocol powers token swaps in some of crypto's most-used applications:
Major Integrations:
- MetaMask - The world's most popular Web3 wallet uses 0x for its swap feature
- Coinbase Wallet - Integrated 0x's Gasless API for frictionless swaps
- Robinhood Wallet - Uses 0x for in-app crypto swaps
- Phantom - Popular Solana wallet, now supporting EVM chains via 0x
- Zerion & Zapper - Leading DeFi dashboard apps
By the Numbers (2026):
- $154B+ total trading volume processed
- 60M+ transactions settled
- 9M+ unique users served
- 500+ applications integrated
- 200K+ unique trading pairs
🔢 ZRX Tokenomics
Current Price
~$0.14
Market Cap
~$120M
Circulating Supply
850M ZRX
All-Time High
$2.50 (Jan 2018)
What is ZRX Token Used For?
ZRX is the native token of 0x Protocol with two primary functions:
1. Governance: ZRX holders can vote on 0x Improvement Proposals (ZEIPs) that shape the protocol's future. This includes decisions about smart contract upgrades, fee structures, and treasury allocations.
2. Staking: Market makers can stake ZRX to receive liquidity rewards. Users who stake ZRX in designated pools earn ETH rewards from trading fees generated on the protocol.
Unlike some DeFi protocols where tokens are essential for using the service, you don't need ZRX to swap tokens via 0x-powered apps. This creates an interesting dynamic: the protocol is widely used, but token demand primarily comes from governance participants and stakers rather than end users.
0x vs. Competitors: How Does It Compare?
The DEX aggregator space has become increasingly competitive. Here's how 0x stacks up against major alternatives:
Key Difference: 0x is primarily B2B infrastructure - it powers other apps rather than competing directly for retail users. 1inch competes directly with users for DEX aggregation, while Uniswap provides its own liquidity pools.
According to 0x Labs' own analysis, their Swap API provides the best adjusted price (including gas costs) approximately 72% of the time compared to other aggregators - though 1inch has been closing the gap, especially for larger trades.
0x Price Analysis: Why ZRX Has Struggled
Despite the protocol's impressive adoption metrics, ZRX has been one of the worst-performing major DeFi tokens. Let's examine why:
📈 Bullish Factors
- Real Usage: $154B+ volume, 500+ integrations - not vaporware
- Blue-Chip Partners: MetaMask, Coinbase, Robinhood all rely on 0x
- Multi-Chain Expansion: Recently integrated with Monad (Nov 2025), expanding beyond Ethereum
- Enterprise Focus: Building institutional-grade tools for TradFi adoption
📉 Bearish Factors
- Token Value Disconnect: Protocol usage doesn't require ZRX, limiting demand drivers
- -94% From ATH: Price has collapsed from $2.50 (2018) to ~$0.14
- Low Liquidity: Binance delisted ZRX/BTC pair (Dec 2025) due to thin trading
- Competition: 1inch and others capturing aggregator market share
Latest 0x Developments (2025-2026)
November 2025: 0x API integrated with Monad's mainnet, bringing liquidity aggregation to the high-performance EVM-compatible Layer 1.
July 2024: 0x v2 launched with an optimized pricing engine, enhanced security features, and improved monetization tools for developers.
January 2024: Gasless API launched, allowing users to swap without holding ETH for gas - adopted by Coinbase and Robinhood.
Roadmap 2026:
- Cross-chain liquidity expansion (Solana, additional L2s)
- Enterprise-grade compliance tools for institutional adoption
- Matcha platform upgrades with AI-driven trading features
- Transition to fully on-chain governance via DAO
Should You Invest in ZRX?
🎯 Key Takeaways
- 0x is legitimate infrastructure with real adoption - not a speculative project
- However, protocol success hasn't translated to ZRX token appreciation
- At ~$0.14 (down 94% from ATH), risk/reward could be attractive for believers
- Main risk: continued token value disconnect from protocol usage
ZRX May Be Worth Considering If:
- You believe in long-term DeFi infrastructure plays
- You want exposure to a project with proven real-world adoption
- You're comfortable with speculative tokens that may not capture protocol value
- You have a multi-year investment horizon
ZRX Probably Isn't Right If:
- You expect token price to follow protocol adoption metrics
- You need liquidity (trading volume is relatively low)
- You're looking for short-term gains
- You want a token with clear value accrual mechanisms
Frequently Asked Questions
What is 0x in simple terms?
0x is infrastructure software that helps crypto apps offer token swaps. When you use the swap feature in MetaMask or Coinbase Wallet, 0x's technology finds you the best price across many exchanges and executes the trade.
Is 0x the same as ZRX?
Not exactly. 0x is the protocol (the technology), while ZRX is the governance token. You can use 0x-powered apps without ever owning ZRX. The token is mainly for voting on protocol changes and staking.
Why has ZRX price dropped so much?
Despite strong protocol adoption, ZRX doesn't capture fees from swaps - users pay in ETH, not ZRX. This creates a disconnect where the protocol can be widely used without driving token demand.
Is 0x safe to use?
The 0x protocol has been operating since 2017 without major security incidents. It's been audited multiple times and is used by major companies like Coinbase and Robinhood. However, like all DeFi protocols, smart contract risks exist.
How is 0x different from Uniswap?
Uniswap is a DEX with its own liquidity pools. 0x is infrastructure that aggregates liquidity from Uniswap AND 130+ other sources to find the best price. Many apps use 0x behind the scenes to access Uniswap's liquidity alongside other sources.
Can you stake ZRX?
Yes. ZRX holders can stake tokens with market maker pools through the ZRX Portal and earn ETH rewards from trading fees. However, staking yields have generally been modest compared to other DeFi opportunities.
What blockchain is 0x on?
0x started on Ethereum but now supports 15+ chains including Polygon, Arbitrum, Optimism, Base, BNB Chain, Avalanche, and recently Monad.
Conclusion
0x Protocol represents a fascinating case study in crypto investing: a project with undeniable real-world adoption ($154B+ volume, powering MetaMask and Coinbase Wallet) but a token that has struggled to capture that value. At its current price of ~$0.14, ZRX is trading 94% below its all-time high - either a generational buying opportunity or a value trap, depending on your perspective.
For investors, the key question isn't whether 0x works (it clearly does) but whether ZRX can eventually benefit from that success. The team's focus on enterprise adoption and expanding governance utility suggests they're aware of this challenge. Whether they can solve it remains to be seen.
If you're considering ZRX, approach it as a speculative position in DeFi infrastructure rather than a bet on protocol metrics alone. The technology is proven; the tokenomics, less so.
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Start Trading Now →⚠ Disclaimer: The information provided in this article is for educational purposes only and should not be considered investment advice. Cryptocurrency investments carry significant risk and volatility. ZRX has declined 94% from its all-time high, demonstrating the potential for substantial losses. Always conduct your own research and consider consulting a financial advisor before making investment decisions. Past performance does not guarantee future results.
